Home sales throughout Los Angeles are continuing to outpace both the number of sales and sold prices from the previous year, well into the fourth quarter of 2020. November saw the average sale price for a home in Sherman Oaks at $1.341 million, a 9% increase over the same month in 2019. For Valley Village with a $1.107 million price tag, it was a 10.5% increase. And Studio City’s average sale price of $1.865 million represents a 43% rise over the previous year.
For single family residences specifically, the increase was equally dramatic – $1.704 million, up 16.5% in Sherman Oaks; $1.263, up 14% in Valley Village; and $2.213 million, up 27% in Studio City.
Typically, listings and sales tend to slow around this time of year, and that is reflected in November’s report. Though the number of listings and the number of sales lessened from the previous month, the average sale price increased in Sherman Oaks and Studio City. In general, low interest rates and low inventory of homes for sale will mean a continuation of a robust buyers market in Los Angeles.
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Source: CRMLS, The MLS